Tags: Airtel, Reliance

Reliance Communications could list FLAG on London Stock Exchange

Reliance Communications is the second largest mobile service provider in the Indian market after Bharti Airtel. The company is now rumored to be planning to list its wholly-owned Flag Telecom unit on the London Stock Exchange.

They are aiming to raise $500-$550 million through this listing.

The company could dilute up to a 24 percent stake in the company which manages undersea cables for network connectivity.

Media sources claim that Reliance could begin working on this plan starting next month. Reliance has yet not commented on these rumors in the market.

Interestingly, Reliance is also one of the companies trying to acquire Hutchison’s stake in Hutch. They face challenge from Vodafone, Essar and probably even Hinduja.